The Livery Newsletter and Gazette Issue 30 Spring 2019 - Page 8

The lunch was deliciously catered by Mark Grove The commitments for the current year are shown and his team at Cook & Butler and we cracked below. Each principal charity is monitored and along at a goodly pace. Our guests were admirably an annual review is conducted before deciding to introduced by Liveryman Fran Morrison and our commit to further funding. Principal Guest, Tim Wonnacott gave a generous and very humorous reply to which I responded initially £ by drenching poor Tim in Prize a glass of water Sevenoaks School Music 500 - he was very kind about it (sorry Tim!). I was very pleased Arundel Castle Cricket 10,000 to show off the newly found Livery Grant of Arms Foundation and Letters Patent which have been missing for many Guildhall of Music Trust 20,000 out, and years - our School Clerk tenaciously sought them Barrow Farm Riding for Master, the 10,000 the new Immediate Past Chris Allen, and his Disabled IPM, Mark Gower-Smith have funded a beautiful re- Sheriffs' & Recorders' Fund 10,000 in frames presentation and they are now resplendent carved with House tobacco leaves (or of close to); Sandra also Pembroke (Academy 15,000 located a huge banner not seen since 1985 and Angus Music) Menzies, Clerk to the Master Mariners and never shy Pembroke House (Inclusive 15,000 of Dance a challenge saw to it that it was displayed on the Project) Quarterdeck. London Regiment Welfare Fund 2,500 Whilst all this Jewry was going on, apparently biblical- St Lawrence 1,000 style downpours were being had all over London Bobath Centre 10,000 - Mark oblivious to all that drama we ended 10,000 our lunch Evison Foundation and trooped back to the quarterdeck where Coffee, Katherine Low Settlement 5,000 Cigars, and Cognac awaited us (I did mention that Spitalfields Crypt Trust 11,000 our Livery enjoyed dining on the High C’s..) and Physics Partners 10,000 Jemma which seemed to hit the mark – Liveryman Freeman had kindly Other regular grants provided the torpedo 4,400 cigars and had had them placed in souvenir tubes with our Crest donations emblazoned on it. Several of us also sported Your a limited edition Livery Smoking hat - originally Thank you as to a all who supported the Benevolent conceived sort of have shooting hat, it serves its Fund during the last year and continue to do so. I purpose so well as a “team” hat, that of the twenty can assure you the work makes a real ordered, but one that remained by we the do close of the day! difference to so many lives. Please contact me if us the Thank you to the Master Mariners for allowing you wish renew to your or remember the use of the to venue, Tim pledge for being a perfect Principal Benevolent Fund when reviewing will. my Guest, and for everyone attending your and giving year such a special start. The Trustees can and should take long term views when carrying out their duty to invest. Quilter Cheviot’s investment performance is monitored against benchmarks and they are expected to explain variances against those benchmarks. The funds are geographically diverse and also spread across several asset classes. Provided investors do not have to sell assets at historic lows, volatility is background noise and the general advice is to sit tight. Quilter Cheviot is also aware how important it is for the Trustees to be able to secure a reliable stream of investment income. The Welfare Fund makes grants and distributions from the significant donations from the tobacco companies and the income generated by the investment portfolio. In recent years, the inflow of cash has matched the outflow. Similarly, the General Fund sets an annual grant target for donations to our charities based on regular donations from the livery plus investment income less governance costs. In anticipation of current market conditions, the Trustees decided to increase uninvested cash to at least one year’s forecast cash outflows for both the Welfare Fund and General Fund. In other words, it is unlikely that the Trustees will be forced to sell assets when prices are low to meet their commitments to our beneficiaries. General Fund’s budgeted donations for the current year CCHF All About Kids has been a long-term recipient of support from the Benevolent Fund. The charity provides holidays for disadvantaged children. However, after the Trustees were informed that the charity would be merging with the much bigger charity, Outward Bound, it was decided that we should discontinue our support. Ralph Edmondson Secretary The Master S Pinter Youth Project provides out of school social activities to disadvantaged children in North London. It was decided not to renew the commitment to support the charity after four annual donations of £10,000. benevolentfund@tobaccolivery.org 3 8